Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
Brit announces renewal and expansion of flagship cyber consortium
15th February 2023
Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium - Brit Cyber Attack Plus (BCAP). BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks. The consortium was launched in 2014 to address the coverage gap ... Read the full article
CFC introduces policy encryption for cyber insurance
15th February 2023
Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article
Ransomware attacks creating repercussions for the insurance industry: Coinnect
14th February 2023
A new report from Coinnect has highlighted how ransomware attacks are creating repercussions for the insurance sector, as companies are being forced to deal with several issues related to the assessment of their customers' cyber risks and the determination of the potential impact of an attack. The report, titled, ‘Ransomware Intelligence ... Read the full article
Liberty Mutual launches cyber office and makes new appointments
13th February 2023
Liberty Mutual, a property and casualty insurer, has announced the formation of a Global Risk Solutions (GRS) Global Cyber Office, as well as the appointment of respected experts to key leadership roles. According to the firm, the new office builds and scales Liberty Mutual's cyber capabilities around the world, bringing a ... Read the full article
Oasis develops open data standards for cyber exposure
10th February 2023
The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has announced the launch of its new Open Exposure Data (OED) standard for cyber. The standards have been developed by the market to provide a transparent and free schema to encourage consistency and efficiency in the capture and transfer of cyber exposure ... Read the full article
CFC appoints Markel’s Scott Bailey as Cyber Underwriting Leader
10th February 2023
Specialist insurance provider CFC, has announced that it has appointed Scott Bailey as Cyber Underwriting Leader. In this newly created role, he will be responsible for the strategic underwriting management of CFC’s entire cyber portfolio. Bailey returns to CFC after almost 10 years of service Markel International. During his last four years ... Read the full article
2022’s reprieve from ransomware attacks only temporary, says Resilience’s Bryant
9th February 2023
In an interview with Reinsurance News, Kyle Bryant, Chief Underwriting Officer at cyber risk solutions firm, Resilience, suggested that 2022's reprieve from ransomware attacks is only temporary. The first question we posed to Bryant was what are the most important lessons of 2022 regarding cybersecurity, to which he answered, "2022 was ... Read the full article
HDI Global targets international growth in cyber
7th February 2023
German insurer HDI Global is targeting international growth in the global cyber insurance market as it believes it has “enormous potential” despite risks. Cyber attacks are on the rise, in 2022 Germany’s digital association Bitkom estimated that the German economy sustained losses of around €203bn as a result of cyber-attacks on ... Read the full article
MRSI launches cyber risk management program Reflex
6th February 2023
Munich Re Specialty Insurance (MRSI) has launched a new proactive cyber risk management program featuring complimentary risk control services. Built on the principles of value, flexibility, and impact, MRSI’s Reflex has been designed to meet the need for 360-degree cyber solutions. The new program is facilitated as a white glove solution by ... Read the full article
Cyber ILS deals a “stepping stone” to market acceptance: Fitch
3rd February 2023
Analysts at Fitch Ratings have said that the two recent public announcements of cyber risk transference by re/insurers to the capital markets through insurance-linked securities (ILS) issuances represent the potential for a broader reinsurance source for the risk. While development of the cyber risk transfer market requires further maturation of the ... Read the full article
Matthew Silley joins Lockton Re’s growing cyber practice
3rd February 2023
Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has appointed Matthew Silley as a broker in the Cyber Practice of the firms Specialty division. Silley joins Lockton Re from Axis Capital, where he most recently held the role of Cyber Portfolio Management Leader. Overall, he brings over 10 years of industry ... Read the full article
Beazley predicts complex cyber threat landscape through 2023
3rd February 2023
Greater incident complexity, a shift in the way threat actors use stolen data, and a rise in US class actions will drive the cyber threat landscape in 2023, according to a Beazley report. The Cyber Services Snapshot report presents global data on incidents handled by Beazley Cyber Services including cause of ... Read the full article
Corvus launches new cyber underwriting platform
2nd February 2023
Specialty insurance MGA, Corvus Insurance has launched Corvus Risk Navigator, an all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. According to Corvus, its new platform will help underwriters to provide superior risk selection, accelerated decision-making, and IT security recommendations - capabilities that have resulted in Corvus achieving an ... Read the full article
Average monthly cyber exposures up 13% in 2022: Coalition
2nd February 2023
New research from cyber insurance provider Coalition reports a 13% increase in average monthly Common Vulnerabilities and Exposures over 2022. This according to the first annual Coalition Cyber Threat Index by Coalition, which details insights on cybersecurity trends from 2022 and what emerging cyber threats are on the horizon. Based on data ... Read the full article
Russia’s cyber warfare in Ukraine tops 2022 incidents list: Tokio Marine
2nd February 2023
Findings from Tokio Marine HCC International’s (TMHCCI) latest annual Cyber Incidents Report, shows that in 2022, global cybercrime stakes were raised significantly with entire governments, as well as individual businesses falling victim to regular and often devastating attacks. Topping the list in the reports top ten cyber incidents of 2022 was ... Read the full article
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